The Main Points
- JPMorgan Chase reported its highest quarterly profit ever, driven partly by a stock-trading haul that blew past analyst estimates.
- Equities trading revenue climbed 86% year-over-year to $6.03 billion, pushing total trading revenue to $12.1 billion — a new all-time high.
- The bank also booked a $4.6 billion gain from tendering 18.6 million shares tied to a long-held Visa stake dating back nearly 20 years.
- The Visa-related gain stems from a gradual settlement process tied to a long-running legal dispute between card networks and merchants over swipe fees.
- The results underscore how volatile markets can be a major profit driver for large bank trading desks.